The price Prada has agreed to pay is a big discount to the roughly $2.15 billion including debt that US-based Capri, then known as Michael Kors, paid for Versace in 2018 when it was sold by the Versace family and Blackstone.

The Prada Group has agreed to buy rival Versace from the U.S. luxury group Capri Holdings in a deal valuing the Milan fashion house at 1.25 billion euros ($1.4 billion

By Elisa Anzolin, Abigail Summerville and Amy-Jo Crowley MILAN (Reuters) -Prada struck a $1.38 billion deal to buy smaller rival Versace from Capri Holdings on Thursday in a move that unites two of the biggest names in Italian fashion and offers the prospect of enhanced revenues.